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Archive for the 'General' Category
The Fed Cuts Rates Again–But How Much Savings Will This Mean For You?
Thursday, March 20th, 2008As expected, the Fed cut interest rates again on Tuesday, this time by a staggering 75 basis points, lowering the prime rate to 5.25%. One would think that such a massive move would result in a lot more dollars in the pockets of consumers. After all, over half of credit cards surveyed by […]
Credit Card Offers Dry Up For Subprime Customers
Wednesday, February 27th, 2008In the last quarter of 2007, the number of direct mail offers sent out by credit card issuers dropped 14% to 1.286 billion from nearly 1.502 billion in the same quarter of 2006, according to Mail Monitor, a direct mail monitoring service from Synovate.
Among issuers who sent out fewer mail offers were those focused primarily […]
Obama Calls for Government Mandated Credit Card Ratings
Wednesday, November 28th, 2007U.S. Senators Barack Obama and Ron Wyden plan to introduce legislation next week that would create a national ranking system for credit cards. The proposed system would have scale of one star to five stars, with each card’s rating based upon how much risk the card poses to borrowers. For instance, credit cards […]
Steve Case Tries to Start a Revolution
Monday, September 24th, 2007According to USA Today, Steve Case, former chairman of AOL, is backing a new type of credit card called the RevolutionCard. Designed to compete against the entrenched companies in payment systems, its features include:
a line of credit
the ability to store up to $15,000 on the card (loaded electronically from the user’s bank account)
free […]
Credit Card Users Feel the Pain as Credit Crunch Spreads
Tuesday, August 28th, 2007In what could be considered the latest fallout from the subprime mortgage crunch, the Financial Times reports that credit card companies were forced to write off 4.58% of payments as uncollectible during the first half of 2007, an increase of 30% over the amount during the same period of 2006. Citing data from Moody’s, […]
How Safe is Your Credit Card?
Friday, August 3rd, 2007A new study was just released examining how well credit card issuers are protecting their customers from fraud. The study looked at the security practices from 25 of the largest issuers, particularly in the areas of prevention, detection and resolution. Overall, the results identified the top six safest issuers as:
1. Bank of America […]
Sign a Petition Against Deceptive Credit Card Practices
Monday, November 20th, 2006Consumers Union is organizing a petition in the hopes that it will lead to meaningful credit card reform. Their list of targeted practices includes:
Universal default: Your interest rate can skyrocket if your credit score declines because of your behavior with other creditors even if you always pay your credit card on time and never miss […]
An App-O-Rama Primer: How to Profit from Credit Card Offers
Monday, November 13th, 2006An App-O-Rama (also known as an “AoR,” or stoozing if you’re in the UK), simply put, is when you apply for many credit cards at once to take advantage of their signup bonuses and introductory balance transfer offers. If you have good credit, you can easily make thousands of dollars from this technique, with […]
Gas Rebate Credit Card Roundup
Wednesday, May 17th, 2006Is the price of gas hurting your pocketbook? If you don’t already have one, maybe it’s time to consider adding a credit card that gives you a rebate on your gas purchases. Below is a compilation of these cards:
Citi Dividend Platinum Select - 5% rebate at gas stations, grocery stores and drug stores
Chase […]
Paying Your Taxes By Credit Card - Is It A Good Idea?
Monday, April 10th, 2006It’s that time of the year again. The tax man is calling and more than ever before, Americans are turning towards plastic to pay their tax bill. According to the IRS, as of March 31 of this year, nearly 800,000 taxpayers have paid more than $450 million in taxes with a credit card, […]
